MLCF board clears amalgamation of PIOC, subject to LHC nod

Maple Leaf Cement Factory Limited (PSX:MLCF) has said its board approved a plan to merge Pioneer Cement Limited (PIOC) into the company, according to Mettis Global. The approval came at a board meeting on September 2, 2026, and remains conditional on shareholder consent and a sanction from the Lahore High Court. The step is described as the last phase of MLCF taking full ownership of Pioneer.

Under the proposed arrangement, all of Pioneer's assets, liabilities, rights and business would pass to Maple Leaf. Pioneer shareholders would receive a total of 136,167,857 new MLCF ordinary shares at a ratio of 2.65 MLCF shares for each Pioneer share held, excluding shares MLCF itself owns in Pioneer. Once the merger takes effect, Pioneer would be dissolved without winding up, and the Pioneer shares MLCF owns, along with all others, would be cancelled.

MLCF said a joint petition will be filed with the Lahore High Court in due course, with July 1, 2026 set as the scheme's effective date. The document will also go to the PSX and shareholders, depending on the court's instructions. Earlier, in February, MLCF completed a public offer and related share purchases that lifted its holding in Pioneer to 88.28% and gave it control.